More than $464 million in token supply is scheduled to unlock this week.
The broader crypto market lost about $40 billion in total value over the past day.
Santiment data shows five major cryptocurrencies trading below average cost.
Over $464 million in token supply is set to hit the crypto market over the next seven days, according to data from Tokenomist.
The timing is weak as the broader crypto market started the week with a downtrend and lost around $40 billion in market cap over the past day.
Large supply releases add liquid tokens into a market already struggling with low demand. When new tokens become tradable during a downtrend, sellers often lower prices.
According to Tokenomist, upcoming one-time large token unlocks (exceeding $5 million) in the next 7 days include SUI, SIGN, EIGEN, KMNO, JUP, OP, TREE, SAHARA, ZORA, etc.; linear large unlocks (daily amounts exceeding $1 million) include RAIN, SOL, RIVER, TRUMP, CC, WLD, DOGE,… pic.twitter.com/YSybPEsFrF
SUI faces the largest unlocking, with about $64 million worth of tokens becoming available this week.
At the same time, several tokens face daily releases worth over $1 million. RAIN leads, with 9.41 billion tokens entering the market on a linear schedule.
At current prices, this equals about $90 million, or 2.77% of the token’s circulating supply.
At the time of writing, price action across most altcoins remains under pressure. The AltSeason Index currently sits at 29 amid weak interest in alternate cryptocurrencies.
📊The lower a coin's 30-day MVRV is, the less risk there is in opening or adding on to your position.
➖ A coin having a negative percentage means average traders you're competing with are down money, and there is an opportunity to enter while profits are below the normal… pic.twitter.com/YH8y4IzkWc
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.